Metacrine, Inc. (MTCR) experienced a decline of 49.87% in the aftermarket because the company released Interim Results for the MET642 Phase 2a Trial. However, the last trading session closed at $3.83 with an increase of 3.23%.
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Interim Results for MET642 Phase 2a Trial & Strategic Re-Prioritization
On 21st October 2021, MTCR announced that after 16 weeks of therapy, researchers presented initial findings from a Phase 2a clinical trial. They were examining the effectiveness and safety of MET642. It is a farnesoid X receptor (FXR) agonist, in about 60 non-alcoholic steatohepatitis (NASH) patients. In addition, the company said that it will focus its clinical development efforts and resources on getting MET642 into a Phase 2 study in inflammatory bowel disease (IBD) in the first half of 2022.
MET642 was generally well tolerated, with no severe side effects reported (AEs). All of the treatment-related adverse events (AEs) were mild to moderate, with no obvious dose-response connection. One patient in the 3 mg cohort and one patient in the 6 mg cohort had mild-moderate itching. Moreover, there were no treatment discontinuations due to pruritus. From baseline to week 16, MET642 therapy resulted in on-target mean increases in LDL-C of 5% with the 3 mg dosage and 19% with the 6 mg dose, compared to a 10% reduction with placebo.
Full Enrollment for MET642 Phase 2a Trial in Patients with Nash
MTCR announced on 9th September 2021 that MET642 has completed enrollment in a Phase 2a study in patients with non-alcoholic steatohepatitis (NASH). Early in the fourth quarter of 2021, the company intends to release interim results on the first 60 patients. Despite a tough Covid-19 environment, MET642 has inspired investigators, and most significantly patients, to engage in the research. The company is just a few weeks away from reporting the MET642 interim findings, which will allow them to begin a liver biopsy trial in NASH and a solid evidence study in IBD in the first half of 2022.
Second Quarter 2021 Results
MTCR reported second-quarter 2021 results on 12th August 2021. According to the report issued by the company: The cash balance was $74.8 million, including cash equivalents and short-term investments. MTCR thinks it has enough cash to carry out its existing business plan until 2022. Moreover, the research and development expenses were $11.4 million, up from $7.4 million the previous year.
Higher clinical development expenses associated with the Company’s MET409 and MET642 programs accounted for the majority of the increase. The general and administrative expenses were $4.0 million, up from $1.8 million the year before. Higher employee-related expenditures and expenses, as well as the costs of doing business as a publicly listed firm, contributed to the increase. Lastly, the net loss was $15.6 million, compared to $9.3 million the previous year.
